- Wolfe Research analyst Alex Zukin initiated coverage of Snowflake SNOW with an Outperform rating and a $250 price target.
- The price target implies a 33.8% upside.
- Zukin saw the potential for Snowflake "to become the 4th hyperscaler" after Amazon.com Inc AMZN, Amazon Web Services, Microsoft Corp's MSFT Azure, and Alphabet Inc GOOG GOOGL Google's Cloud.
- Zukin saw Snowflake growing faster than AWS at the same size and scale with the best management team in software.
- Zukin saw Snowflake already trading at "Black Friday prices" despite the holiday season being months away. Zukin saw Snowflake rally more than 40% from here.
- Snowflake also caused multiple venture capitalists to fund companies built natively on its platform.
- Price Action: SNOW shares traded higher by 7.90% at $187.53 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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